November 8, 2021

Market Calm Ahead of Powell's Speech At New York Session

 In the European session, the king of the currency remained stable after a slight decline from the one -year high it reached at the end of last week's trading.

Federal Reserve (Fed) Chairman Jerome Powell’s speech will be the focus of the market at the New York session to get clues on the latest outlook from the central bank following strong NFP employment data readings.

During the FOMC policy meeting last week, Powell said the central bank still wants to wait before raising interest rates and focus on reducing its monthly bond purchases first.

In addition to Powell, New York Fed President John Williams, Fed Vice Chairman Richard Clarida, Fed Governor Bowman and Central Bank of England (BOE) Governor Andrew Bailey will also speak at the same conference.

At the time of writing, the greenback dollar traded higher at 94.35 against six other major currencies.

The euro was little changed against the greenback, trading not far from the 15 -month low it touched last Friday.

Meanwhile, the pound continues to be entangled in the endless Brexit crisis, as well as being pressured by frustration over the decision of the Bank of England (BOE) to maintain interest rates at its latest policy meeting.

On the other hand, the Aussie dollar and kiwi are still struggling to break free from weekly lows after being pressed by strong US dollar trading.